The Fund is an actively managed exchange-traded fund (“ETF”) that under normal circumstances seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in domestic and foreign, common and preferred stocks and American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) of publicly listed companies that Tema ETFs LLC (the “Adviser”) determines are “Actuator Companies.” Actuator companies design and manufacture devices that convert energy such as electrical, hydraulic, or pneumatic power into controlled mechanical motion.

The Adviser deems a company to be an “Actuator Company” if: (i) at least 50% of its annual revenue is derived from the research, development, design, manufacture, production, assembly, integration, distribution, sale, installation, maintenance or servicing of one or more of the products, technologies or services further described below; or (ii) it expects to have 50% or more of its annual revenue in the next 18 to 24 months derived from the research, development, design, manufacture, production, assembly, integration, distribution, sale, installation, maintenance or servicing of one or more of the products, technologies or services further described below, but the company has publicly disclosed that Actuators are a strategic focus of its business.

Examples of such products, technologies or services include, but are not limited to:

For purposes of this definition, a company’s revenue is “derived from” (or “related to”) an activity if that revenue is generated by the activity, as reported in or reasonably attributable based on the company’s financial statements and other public disclosures. Requiring that 50% or more of a company’s annual revenue be derived from these actuator-related activities is what establishes that the company is economically tied to the actuator industry.

The Adviser will determine Actuator Companies using internal research and analysis based on company disclosure (such as annual reports, regulatory filings, investor presentations, capital markets materials, and earnings transcripts) as well as other publicly available information, including industry publications, scientific literature, sell-side research, and proprietary data sources.

An Actuator is a device that converts an input energy source - typically electrical, hydraulic, or pneumatic - into controlled mechanical motion or force. Actuators serve as the primary mechanism by which automated, robotic, and industrial systems execute physical action, translating electronic control signals into linear or rotary movement. Actuators are a foundational component across a broad range of end markets, including industrial automation, robotics, aerospace and defense, automotive systems (including electric and autonomous vehicles), medical devices, and consumer electronics.

The Fund’s portfolio generally is expected to consist of more than 15 companies but not more than 100 companies. The number of portfolio companies may change depending on various factors including the number of companies available for investment that meet the Fund’s criteria. The Adviser constructs the Fund’s portfolio, by selecting from the eligible universe of Actuator Companies those securities the Adviser believes offer the highest conviction and the most attractive risk/reward based on the analysis described above. The Adviser determines the size of each position based on factors including its degree of conviction, the security’s relative valuation, the security’s liquidity and market capitalization (the Fund generally invests in companies with a market capitalization of at least $100 million and a three-month average daily traded value of at least $500,000), portfolio diversification and risk management, and applicable regulatory and concentration limits.

The Fund may invest in micro-, small-, medium- and large capitalization companies. The Fund generally will invest in companies that have a market capitalization of at least $100 million and there is no upper limit on the market capitalization of a portfolio company. The Fund generally invests in companies that have at least a three-month average daily traded value of at least $500,000.

The Fund also may invest in early-stage, development-phase, or recently public companies that may not yet generate meaningful revenues or profits.

A significant portion of the Fund’s assets are expected to be invested in the United States, Europe, South Korea, Japan and China as well as securities of issuers located in emerging markets. The Adviser considers an ‘emerging market’ to be a country with lower-to-middle income levels that meet specific criteria for market size, liquidity, and accessibility to international investors. As of June 30, 2026, the following countries are deemed to be emerging markets: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic Egypt Greece Hungary Kuwait Poland, Qatar, Saudi Arabia, South Africa, Turkey, UAE, China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan and Thailand.

The Fund may invest in China A-shares (shares of mainland China–incorporated companies listed on the Shanghai and Shenzhen stock exchanges) through the Stock Connect programs.

The Fund may invest, up to 15% of its net assets, in privately placed or restricted securities (including Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting. These investments give rise to the risks described under “Privately Placed and Restricted Securities Risk” below.

The Fund will concentrate (i.e., invest more than 25% of its total assets) its investments in an industry or group of industries comprising the information technology sector.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) which means that it may invest a high percentage of its assets in a limited number of issuers.

The Fund may lend portfolio securities to certain borrowers, provided that the borrowers post collateral at least equal to the current market value of the securities loaned. The Fund receives the value of any interest earned on the collateral as well as the cash or non-cash distributions paid on the loaned securities.

The Fund is actively managed and does not seek to track an index. The Adviser has discretion to select and weight the Fund’s investments in seeking to achieve the Fund’s investment objective.

The Fund relies on the professional judgment of its Adviser to make decisions about the Fund’s portfolio investments.

The basic investment philosophy of the Adviser is to seek to invest in companies within the aforementioned thematic universe that are attractively valued when compared to their fundamentals and growth opportunities. The Adviser’s security selection process for identifying companies within the aforementioned theme uses both “top down” idea generation (sector, theme, company research) and “bottom up” security selection (valuation, fundamental, quantitative, qualitative measures) approaches.

In practice “top down” idea generation means fundamental sector research, quantitative tools (for example screening based on metrics such as five-year historic revenue growth, margins, or returns on invested capital) and the Adviser’s own expertise, are used to narrow down the specific thematic research universe.

Once this is defined “bottom up” security analysis involves the Adviser comparing valuation multiples (such as free cash flow yield, price to book ratio and price to earnings ratio or enterprise value to total invested capital, among others) to fundamental metrics (such as organic revenue growth, margins, returns on invested capital and equity, among others). Investments are deemed attractively valued when compared to fundamentals if the valuation multiples are below and fundamentals are above either (1) peers, (2) the companies own historic averages or (3) prospective forecasts (as determined by the Adviser). Buttressing this is a detailed fundamental research profile of each company assessing business model, competitive edge, management incentives and track record, and balance sheet.

The Fund is an actively managed exchange-traded fund (“ETF”) that under normal circumstances seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in domestic and foreign, common and preferred stocks and American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) of publicly listed companies that Tema ETFs LLC (the “Adviser”) determines are “CPU Companies.” CPU Companies provide the software and specialized hardware needed to put trained AI models into real-world action.

The Adviser deems a company to be an “CPU Company” if: (i) at least 50% of its annual revenue is derived from the research, development, design, manufacture, production, integration, distribution, sale, licensing, deployment, hosting, operation, maintenance or servicing of one or more of the products, technologies or services further described below; or (ii) it expects to have 50% or more of its annual revenue in the next 18 to 24 months derived from the research, development, design, manufacture, production, integration, distribution, sale, licensing, deployment, hosting, operation, maintenance or servicing of one or more of the products, technologies or services further described below, but the company has publicly disclosed that CPU is a strategic focus of its business.

Examples of such products, technologies or services include, but are not limited to:

Products and technologies that support both the training and inference of artificial intelligence models may qualify, provided they are designed for or materially used in the execution of AI inference workloads.

For purposes of this definition, a company’s revenue is “derived from” (or “related to”) an activity if that revenue is generated by the activity, as reported in or reasonably attributable based on the company’s financial statements and other public disclosures. Requiring that 50% or more of a company’s annual revenue be derived from these CPU-related activities is what establishes that the company is economically tied to the CPU industry.

Artificial intelligence (AI) inference refers to the execution of a trained artificial intelligence model to generate a prediction, recommendation, decision, response or other output from new data or user inputs. A central processing unit (“CPU”) is a general-purpose processor, an integrated circuit that executes software instructions and directs the operation of a computing device. An integrated system is a design in which a CPU is combined with other key components to execute artificial intelligence (AI) workloads.

The Adviser will determine CPU Companies using internal research and analysis based on company disclosure (such as annual reports, regulatory filings, investor presentations, capital markets materials, and earnings transcripts) as well as other publicly available information, including industry publications, scientific literature, sell-side research, and proprietary data sources.

The Fund’s portfolio generally is expected to consist of more than 15 companies but not more than 100 companies. The number of portfolio companies may change depending on various factors including the number of companies available for investment that meet the Fund’s criteria. The Adviser constructs the Fund’s portfolio, by selecting from the eligible universe of CPU Companies those securities the Adviser believes offer the highest conviction and the most attractive risk/reward based on the analysis described above. The Adviser determines the size of each position based on factors including its degree of conviction, the security’s relative valuation, the security’s liquidity and market capitalization (the Fund generally invests in companies with a market capitalization of at least $100 million and a three-month average daily traded value of at least $500,000), portfolio diversification and risk management, and applicable regulatory and concentration limits.

The Fund may invest in micro-, small-, medium- and large capitalization companies. The Fund generally will invest in companies that have a market capitalization of at least $100 million and there is no upper limit on the market capitalization of a portfolio company. The Fund generally invests in companies that have at least a three-month average daily traded value of at least $500,000.

The Fund also may invest in early-stage, development-phase, or recently public companies that may not yet generate meaningful revenues or profits.

A significant portion of the Fund’s assets are expected to be invested in the United States, Europe, South Korea, Japan and China as well as securities of issuers located in emerging markets. The Adviser considers an ‘emerging market’ to be a country with lower-to-middle income levels that meet specific criteria for market size, liquidity, and accessibility to international investors. As of June 30, 2026, the following countries are deemed to be emerging markets: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic Egypt Greece Hungary Kuwait Poland, Qatar, Saudi Arabia, South Africa, Turkey, UAE, China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan and Thailand.

The Fund may invest in China A-shares (shares of mainland China–incorporated companies listed on the Shanghai and Shenzhen stock exchanges) through the Stock Connect programs.

The Fund may invest, up to 15% of its net assets, in privately placed or restricted securities (including Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting. These investments give rise to the risks described under “Privately Placed and Restricted Securities Risk” below.

The Fund will concentrate (i.e., invest more than 25% of its total assets) its investments in an industry or group of industries comprising the information technology sector.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) which means that it may invest a high percentage of its assets in a limited number of issuers.

The Fund may lend portfolio securities to certain borrowers, provided that the borrowers post collateral at least equal to the current market value of the securities loaned. The Fund receives the value of any interest earned on the collateral as well as the cash or non-cash distributions paid on the loaned securities.

The Fund is actively managed and does not seek to track an index. The Adviser has discretion to select and weight the Fund’s investments in seeking to achieve the Fund’s investment objective.

The Fund relies on the professional judgment of its Adviser to make decisions about the Fund’s portfolio investments.

The basic investment philosophy of the Adviser is to seek to invest in companies within the aforementioned thematic universe that are attractively valued when compared to their fundamentals and growth opportunities. The Adviser’s security selection process for identifying companies within the aforementioned theme uses both “top down” idea generation (sector, theme, company research) and “bottom up” security selection (valuation, fundamental, quantitative, qualitative measures) approaches.

In practice “top down” idea generation means fundamental sector research, quantitative tools (for example screening based on metrics such as five-year historic revenue growth, margins, or returns on invested capital) and the Adviser’s own expertise, are used to narrow down the specific thematic research universe.

Once this is defined “bottom up” security analysis involves the Adviser comparing valuation multiples (such as free cash flow yield, price to book ratio and price to earnings ratio or enterprise value to total invested capital, among others) to fundamental metrics (such as organic revenue growth, margins, returns on invested capital and equity, among others). Investments are deemed attractively valued when compared to fundamentals if the valuation multiples are below and fundamentals are above either (1) peers, (2) the companies own historic averages or (3) prospective forecasts (as determined by the Adviser). Buttressing this is a detailed fundamental research profile of each company assessing business model, competitive edge, management incentives and track record, and balance sheet.

The Fund is an actively managed exchange-traded fund (“ETF”) that under normal circumstances seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in domestic and foreign, common and preferred stocks and American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) of publicly listed companies that Tema ETFs LLC (the “Adviser”) determines are “Analog Semiconductor Companies.” Analog chips process, convert or regulate continuous real-world signals. Unlike digital chips (CPUs or memory) that work in binary ones and zeros, analog chips handle continuous, fluctuating voltages.

The Adviser deems a company to be an “Analog Semiconductor Company” if: (i) at least 50% of its annual revenue is derived from the research, development, design, manufacture, fabrication, assembly, packaging, testing, distribution, sale, licensing, maintenance or servicing of one or more of the products, technologies or services further described below; or (ii) it expects to have 50% or more of its annual revenue in the next 18 to 24 months derived from the research, development, design, manufacture, fabrication, assembly, packaging, testing, distribution, sale, licensing, maintenance or servicing of one or more of the products, technologies or services further described below, but the company has publicly disclosed that Analog Semiconductors are a strategic focus of its business.

Examples of such products, technologies or services include, but are not limited to:

For purposes of this definition, a company’s revenue is “derived from” (or “related to”) an activity if that revenue is generated by the activity, as reported in or reasonably attributable based on the company’s financial statements and other public disclosures. Requiring that 50% or more of a company’s annual revenue be derived from these analog-related activities is what establishes that the company is economically tied to the analog semiconductor industry.

An Analog Semiconductor is a semiconductor device designed to process continuous, real-world signals—such as voltage, current, temperature, sound, and light—as opposed to the discrete binary signals (0s and 1s) processed by digital semiconductors. Analog semiconductors perform essential functions including power management, signal amplification, and the conversion of real-world analog signals into digital data and back again (via analog-to-digital and digital-to-analog converters). These components serve as the critical interface between the physical world and digital electronic systems, and are foundational to a broad range of end markets, including automotive, industrial automation, communications infrastructure, data centers, consumer electronics, and healthcare devices.

The Adviser will determine Analog Semiconductor Companies using internal research and analysis based on company disclosure (such as annual reports, regulatory filings, investor presentations, capital markets materials, and earnings transcripts) as well as other publicly available information, including industry publications, scientific literature, sell-side research, and proprietary data sources.

The Fund’s portfolio generally is expected to consist of more than 15 companies but not more than 100 companies. The number of portfolio companies may change depending on various factors including the number of companies available for investment that meet the Fund’s criteria. The Adviser constructs the Fund’s portfolio, by selecting from the eligible universe of Analog Semiconductor Companies those securities the Adviser believes offer the highest conviction and the most attractive risk/reward based on the analysis described above. The Adviser determines the size of each position based on factors including its degree of conviction, the security’s relative valuation, the security’s liquidity and market capitalization (the Fund generally invests in companies with a market capitalization of at least $100 million and a three-month average daily traded value of at least $500,000), portfolio diversification and risk management, and applicable regulatory and concentration limits.

The Fund may invest in micro-, small-, medium- and large capitalization companies. The Fund generally will invest in companies that have a market capitalization of at least $100 million and there is no upper limit on the market capitalization of a portfolio company. The Fund generally invests in companies that have at least a three-month average daily traded value of at least $500,000.

The Fund also may invest in early-stage, development-phase, or recently public companies that may not yet generate meaningful revenues or profits.

A significant portion of the Fund’s assets are expected to be invested in the United States, Europe, South Korea, Japan and China as well as securities of issuers located in emerging markets. The Adviser considers an ‘emerging market’ to be a country with lower-to-middle income levels that meet specific criteria for market size, liquidity, and accessibility to international investors. As of June 30, 2026, the following countries are deemed to be emerging markets: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic Egypt Greece Hungary Kuwait Poland, Qatar, Saudi Arabia, South Africa, Turkey, UAE, China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan and Thailand.

The Fund may invest in China A-shares (shares of mainland China–incorporated companies listed on the Shanghai and Shenzhen stock exchanges) through the Stock Connect programs.

The Fund may invest, up to 15% of its net assets, in privately placed or restricted securities (including Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting. These investments give rise to the risks described under “Privately Placed and Restricted Securities Risk” below.

The Fund will concentrate (i.e., invest more than 25% of its total assets) its investments in an industry or group of industries comprising the information technology sector.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) which means that it may invest a high percentage of its assets in a limited number of issuers.

The Fund may lend portfolio securities to certain borrowers, provided that the borrowers post collateral at least equal to the current market value of the securities loaned. The Fund receives the value of any interest earned on the collateral as well as the cash or non-cash distributions paid on the loaned securities.

The Fund is actively managed and does not seek to track an index. The Adviser has discretion to select and weight the Fund’s investments in seeking to achieve the Fund’s investment objective.

The Fund relies on the professional judgment of its Adviser to make decisions about the Fund’s portfolio investments.

The basic investment philosophy of the Adviser is to seek to invest in companies within the aforementioned thematic universe that are attractively valued when compared to their fundamentals and growth opportunities. The Adviser’s security selection process for identifying companies within the aforementioned theme uses both “top down” idea generation (sector, theme, company research) and “bottom up” security selection (valuation, fundamental, quantitative, qualitative measures) approaches.

In practice “top down” idea generation means fundamental sector research, quantitative tools (for example screening based on metrics such as five-year historic revenue growth, margins, or returns on invested capital) and the Adviser’s own expertise, are used to narrow down the specific thematic research universe.

Once this is defined “bottom up” security analysis involves the Adviser comparing valuation multiples (such as free cash flow yield, price to book ratio and price to earnings ratio or enterprise value to total invested capital, among others) to fundamental metrics (such as organic revenue growth, margins, returns on invested capital and equity, among others). Investments are deemed attractively valued when compared to fundamentals if the valuation multiples are below and fundamentals are above either (1) peers, (2) the companies own historic averages or (3) prospective forecasts (as determined by the Adviser). Buttressing this is a detailed fundamental research profile of each company assessing business model, competitive edge, management incentives and track record, and balance sheet.

The Fund is an actively managed exchange-traded fund (“ETF”) that under normal circumstances seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in domestic and foreign, common and preferred stocks and American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) of publicly listed companies that Tema ETFs LLC (the “Adviser”) determines are “MLCC Companies.” MLCC means a multi-layer ceramic capacitor.

The Adviser deems a company to be an “MLCC Company” if: (i) at least 50% of its annual revenue is derived from the research, development, design, manufacture, production, assembly, packaging, distribution, sale, testing, maintenance or servicing of one or more of the products, technologies or services further described below; or (ii) it expects to have 50% or more of its annual revenue in the next 18 to 24 months derived from the research, development, design, manufacture, production, assembly, packaging, distribution, sale, testing, maintenance or servicing of one or more of the products, technologies or services further described below, but the company has publicly disclosed that MLCCs are a strategic focus of its business.

Examples of such products, technologies or services include, but are not limited to:

For purposes of this definition, a company’s revenue is “derived from” (or “related to”) an activity if that revenue is generated by the activity, as reported in or reasonably attributable based on the company’s financial statements and other public disclosures. Requiring that 50% or more of a company’s annual revenue be derived from these MLCC-related activities is what establishes that the company is economically tied to the MLCC industry.

An MLCC is a small electronic component that stores and releases electrical energy to help regulate voltage and filter noise within a circuit. It is built from alternating layers of ceramic material and metal, which allows it to be compact, reliable, and inexpensive to produce. MLCCs are used in nearly all electronic devices, including smartphones, computers, vehicles, and industrial equipment.

The Adviser will determine MLCC Companies using internal research and analysis based on company disclosure (such as annual reports, regulatory filings, investor presentations, capital markets materials, and earnings transcripts) as well as other publicly available information, including industry publications, scientific literature, sell-side research, and proprietary data sources.

The Fund’s portfolio generally is expected to consist of more than 15 companies but not more than 100 companies. The number of portfolio companies may change depending on various factors including the number of companies available for investment that meet the Fund’s criteria. The Adviser constructs the Fund’s portfolio, by selecting from the eligible universe of MLCC Companies those securities the Adviser believes offer the highest conviction and the most attractive risk/reward based on the analysis described above. The Adviser determines the size of each position based on factors including its degree of conviction, the security’s relative valuation, the security’s liquidity and market capitalization (the Fund generally invests in companies with a market capitalization of at least $100 million and a three-month average daily traded value of at least $500,000), portfolio diversification and risk management, and applicable regulatory and concentration limits.

The Fund may invest in micro-, small-, medium- and large capitalization companies. The Fund generally will invest in companies that have a market capitalization of at least $100 million and there is no upper limit on the market capitalization of a portfolio company. The Fund generally invests in companies that have at least a three-month average daily traded value of at least $500,000.

The Fund also may invest in early-stage, development-phase, or recently public companies that may not yet generate meaningful revenues or profits.

A significant portion of the Fund’s assets are expected to be invested in the United States, Europe, South Korea, Japan and China as well as securities of issuers located in emerging markets. The Adviser considers an ‘emerging market’ to be a country with lower-to-middle income levels that meet specific criteria for market size, liquidity, and accessibility to international investors. As of June 30, 2026, the following countries are deemed to be emerging markets: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic Egypt Greece Hungary Kuwait Poland, Qatar, Saudi Arabia, South Africa, Turkey, UAE, China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan and Thailand.

The Fund may invest in China A-shares (shares of mainland China–incorporated companies listed on the Shanghai and Shenzhen stock exchanges) through the Stock Connect programs.

The Fund may invest, up to 15% of its net assets, in privately placed or restricted securities (including Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting. These investments give rise to the risks described under “Privately Placed and Restricted Securities Risk” below.

The Fund will concentrate (i.e., invest more than 25% of its total assets) its investments in an industry or group of industries comprising the information technology sector.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) which means that it may invest a high percentage of its assets in a limited number of issuers.

The Fund may lend portfolio securities to certain borrowers, provided that the borrowers post collateral at least equal to the current market value of the securities loaned. The Fund receives the value of any interest earned on the collateral as well as the cash or non-cash distributions paid on the loaned securities.

The Fund is actively managed and does not seek to track an index. The Adviser has discretion to select and weight the Fund’s investments in seeking to achieve the Fund’s investment objective.

The Fund relies on the professional judgment of its Adviser to make decisions about the Fund’s portfolio investments.

The basic investment philosophy of the Adviser is to seek to invest in companies within the aforementioned thematic universe that are attractively valued when compared to their fundamentals and growth opportunities. The Adviser’s security selection process for identifying companies within the aforementioned theme uses both “top down” idea generation (sector, theme, company research) and “bottom up” security selection (valuation, fundamental, quantitative, qualitative measures) approaches.

In practice “top down” idea generation means fundamental sector research, quantitative tools (for example screening based on metrics such as five-year historic revenue growth, margins, or returns on invested capital) and the Adviser’s own expertise, are used to narrow down the specific thematic research universe.

Once this is defined “bottom up” security analysis involves the Adviser comparing valuation multiples (such as free cash flow yield, price to book ratio and price to earnings ratio or enterprise value to total invested capital, among others) to fundamental metrics (such as organic revenue growth, margins, returns on invested capital and equity, among others). Investments are deemed attractively valued when compared to fundamentals if the valuation multiples are below and fundamentals are above either (1) peers, (2) the companies own historic averages or (3) prospective forecasts (as determined by the Adviser). Buttressing this is a detailed fundamental research profile of each company assessing business model, competitive edge, management incentives and track record, and balance sheet.

The Fund is an actively managed exchange-traded fund (“ETF”) that under normal circumstances seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in domestic and foreign, common and preferred stocks and American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) of publicly listed companies that Tema ETFs LLC (the “Adviser”) determines are “Physical AI Companies.” A physical AI company develops artificial intelligence systems that perceive, reason, and act in the real world.

The Adviser deems a company to be a “Physical AI Company” if:

(i) at least 50% of its annual revenue is derived from the research, development, design, manufacture, production, integration, distribution, sale, licensing, installation, maintenance or servicing of robots, autonomous machines, intelligent industrial systems, machine-vision or sensing technologies, motion-control systems, or equipment, components, software or other technologies used to enable machines or systems to perceive, interpret, decide, interact with or act upon the physical world; or (ii) it expects to have 50% or more of its annual revenue in the next 18 to 24 months derived from the research, development, design, manufacture, production, integration, distribution, sale, licensing, installation, maintenance or servicing of robots, autonomous machines, intelligent industrial systems, machine-vision or sensing technologies, motion-control systems, or equipment, components, software or other technologies used to enable machines or systems to perceive, interpret, decide, interact with or act upon the physical world, but the company has publicly disclosed that Physical AI is a strategic focus of its business.

Physical AI Companies may include, but are not limited to, companies engaged in one or more of the following activities:

For purposes of this definition, a company’s revenue is “derived from” (or “related to”) an activity if that revenue is generated by the activity, as reported in or reasonably attributable based on the company’s financial statements and other public disclosures. Requiring that 50% or more of a company’s annual revenue be derived from these Physical AI-related activities is what establishes that the company is economically tied to the Physical AI industry.

Physical artificial intelligence, or “Physical AI,” refers to technologies that enable machines and systems to perceive and interpret their surroundings, make decisions, interact with people or objects, and perform actions in the physical world.

The Adviser will determine Physical AI Companies using internal research and analysis based on company disclosure (such as annual reports, regulatory filings, investor presentations, capital markets materials, and earnings transcripts) as well as other publicly available information, including industry publications, scientific literature, sell-side research, and proprietary data sources.

The Fund’s portfolio generally is expected to consist of more than 15 companies but not more than 100 companies. The number of portfolio companies may change depending on various factors including the number of companies available for investment that meet the Fund’s criteria. The Adviser constructs the Fund’s portfolio, by selecting from the eligible universe of Physical AI Companies those securities the Adviser believes offer the highest conviction and the most attractive risk/reward based on the analysis described above. The Adviser determines the size of each position based on factors including its degree of conviction, the security’s relative valuation, the security’s liquidity and market capitalization (the Fund generally invests in companies with a market capitalization of at least $100 million and a three-month average daily traded value of at least $500,000), portfolio diversification and risk management, and applicable regulatory and concentration limits.

The Fund may invest in micro-, small-, medium- and large capitalization companies. The Fund generally will invest in companies that have a market capitalization of at least $100 million and there is no upper limit on the market capitalization of a portfolio company. The Fund generally invests in companies that have at least a three-month average daily traded value of at least $500,000.

The Fund also may invest in early-stage, development-phase, or recently public companies that may not yet generate meaningful revenues or profits.

A significant portion of the Fund’s assets are expected to be invested in the United States, Europe, South Korea, Japan and China as well as securities of issuers located in emerging markets. The Adviser considers an ‘emerging market’ to be a country with lower-to-middle income levels that meet specific criteria for market size, liquidity, and accessibility to international investors. As of June 30, 2026, the following countries are deemed to be emerging markets: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic Egypt Greece Hungary Kuwait Poland, Qatar, Saudi Arabia, South Africa, Turkey, UAE, China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan and Thailand.

The Fund may invest in China A-shares (shares of mainland China–incorporated companies listed on the Shanghai and Shenzhen stock exchanges) through the Stock Connect programs.

The Fund may invest, up to 15% of its net assets, in privately placed or restricted securities (including Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting. These investments give rise to the risks described under “Privately Placed and Restricted Securities Risk” below.

The Fund will concentrate (i.e., invest more than 25% of its total assets) its investments in an industry or group of industries comprising the information technology sector.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) which means that it may invest a high percentage of its assets in a limited number of issuers.

The Fund may lend portfolio securities to certain borrowers, provided that the borrowers post collateral at least equal to the current market value of the securities loaned. The Fund receives the value of any interest earned on the collateral as well as the cash or non-cash distributions paid on the loaned securities.

The Fund is actively managed and does not seek to track an index. The Adviser has discretion to select and weight the Fund’s investments in seeking to achieve the Fund’s investment objective.

The Fund relies on the professional judgment of its Adviser to make decisions about the Fund’s portfolio investments.

The basic investment philosophy of the Adviser is to seek to invest in companies within the aforementioned thematic universe that are attractively valued when compared to their fundamentals and growth opportunities. The Adviser’s security selection process for identifying companies within the aforementioned theme uses both “top down” idea generation (sector, theme, company research) and “bottom up” security selection (valuation, fundamental, quantitative, qualitative measures) approaches.

In practice “top down” idea generation means fundamental sector research, quantitative tools (for example screening based on metrics such as five-year historic revenue growth, margins, or returns on invested capital) and the Adviser’s own expertise, are used to narrow down the specific thematic research universe.

Once this is defined “bottom up” security analysis involves the Adviser comparing valuation multiples (such as free cash flow yield, price to book ratio and price to earnings ratio or enterprise value to total invested capital, among others) to fundamental metrics (such as organic revenue growth, margins, returns on invested capital and equity, among others). Investments are deemed attractively valued when compared to fundamentals if the valuation multiples are below and fundamentals are above either (1) peers, (2) the companies own historic averages or (3) prospective forecasts (as determined by the Adviser). Buttressing this is a detailed fundamental research profile of each company assessing business model, competitive edge, management incentives and track record, and balance sheet.

The Fund is an actively managed exchange-traded fund (“ETF”) that under normal circumstances seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in domestic and foreign, common and preferred stocks and American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) of publicly listed companies that Tema ETFs LLC (the “Adviser”) determines are “Semicap Companies.” “Semicap Companies” are semiconductor manufacturing companies.

The Adviser deems a company to be a “Semicap Company” if: (i) at least 50% of its annual revenue is derived from the development, design, manufacture, distribution, sale, installation, maintenance or servicing of equipment, instruments, systems, subsystems, components, software or automation solutions used in the production, fabrication, assembly, packaging or testing of semiconductors, semiconductor wafers, dies or related substrates.; or (ii) it expects to have 50% or more of its annual revenue in the next 18 to 24 months derived from the development, design, manufacture, distribution, sale, installation, maintenance or servicing of equipment, instruments, systems, subsystems, components, software or automation solutions used in the production, fabrication, assembly, packaging or testing of semiconductors, semiconductor wafers, dies or related substrates, but the company has publicly disclosed that Semicap is a strategic focus of its business.

Such products and services may include, but are not limited to:

For purposes of this definition, a company’s revenue is “derived from” (or “related to”) an activity if that revenue is generated by the activity, as reported in or reasonably attributable based on the company’s financial statements and other public disclosures. Requiring that 50% or more of a company’s annual revenue be derived from these semicap-related activities is what establishes that the company is economically tied to the semicap industry.

The Adviser will determine Semicap Companies using internal research and analysis based on company disclosure (such as annual reports, regulatory filings, investor presentations, capital markets materials, and earnings transcripts) as well as other publicly available information, including industry publications, scientific literature, sell-side research, and proprietary data sources.

The Fund’s portfolio generally is expected to consist of more than 15 companies but not more than 100 companies. The number of portfolio companies may change depending on various factors including the number of companies available for investment that meet the Fund’s criteria. The Adviser constructs the Fund’s portfolio, by selecting from the eligible universe of Semicap Companies those securities the Adviser believes offer the highest conviction and the most attractive risk/reward. The Adviser determines the size of each position based on factors including its degree of conviction, the security’s relative valuation, the security’s liquidity and market capitalization (the Fund generally invests in companies with a market capitalization of at least $100 million and a three-month average daily traded value of at least $500,000), portfolio diversification and risk management, and applicable regulatory and concentration limits.

The Fund may invest in micro-, small-, medium- and large capitalization companies. The Fund generally will invest in companies that have a market capitalization of at least $100 million and there is no upper limit on the market capitalization of a portfolio company. The Fund generally invests in companies that have at least a three-month average daily traded value of at least $500,000.

The Fund also may invest in early-stage, development-phase, or recently public companies that may not yet generate meaningful revenues or profits.

A significant portion of the Fund’s assets are expected to be invested in the United States, Europe, South Korea, Japan and China as well as securities of issuers located in emerging markets. The Adviser considers an ‘emerging market’ to be a country with lower-to-middle income levels that meet specific criteria for market size, liquidity, and accessibility to international investors. As of June 30, 2026, the following countries are deemed to be emerging markets: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic Egypt Greece Hungary Kuwait Poland, Qatar, Saudi Arabia, South Africa, Turkey, UAE, China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan and Thailand.

The Fund may invest in China A-shares (shares of mainland China–incorporated companies listed on the Shanghai and Shenzhen stock exchanges) through the Stock Connect programs.

The Fund may invest, up to 15% of its net assets, in privately placed or restricted securities (including Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting. These investments give rise to the risks described under “Privately Placed and Restricted Securities Risk” below.

The Fund will concentrate (i.e., invest more than 25% of its total assets) its investments in an industry or group of industries comprising the information technology sector.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) which means that it may invest a high percentage of its assets in a limited number of issuers.

The Fund may lend portfolio securities to certain borrowers, provided that the borrowers post collateral at least equal to the current market value of the securities loaned. The Fund receives the value of any interest earned on the collateral as well as the cash or non-cash distributions paid on the loaned securities.

The Fund is actively managed and does not seek to track an index. The Adviser has discretion to select and weight the Fund’s investments in seeking to achieve the Fund’s investment objective.

The Fund relies on the professional judgment of its Adviser to make decisions about the Fund’s portfolio investments.

The basic investment philosophy of the Adviser is to seek to invest in companies within the aforementioned thematic universe that are attractively valued when compared to their fundamentals and growth opportunities. The Adviser’s security selection process for identifying companies within the aforementioned theme uses both “top down” idea generation (sector, theme, company research) and “bottom up” security selection (valuation, fundamental, quantitative, qualitative measures) approaches.

In practice “top down” idea generation means fundamental sector research, quantitative tools (for example screening based on metrics such as five-year historic revenue growth, margins, or returns on invested capital) and the Adviser’s own expertise, are used to narrow down the specific thematic research universe.

Once this is defined “bottom up” security analysis involves the Adviser comparing valuation multiples (such as free cash flow yield, price to book ratio and price to earnings ratio or enterprise value to total invested capital, among others) to fundamental metrics (such as organic revenue growth, margins, returns on invested capital and equity, among others). Investments are deemed attractively valued when compared to fundamentals if the valuation multiples are below and fundamentals are above either (1) peers, (2) the companies own historic averages or (3) prospective forecasts (as determined by the Adviser). Buttressing this is a detailed fundamental research profile of each company assessing business model, competitive edge, management incentives and track record, and balance sheet.

The Fund is an actively managed exchange-traded fund (“ETF”) that under normal circumstances seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in domestic and foreign, common and preferred stocks and American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) of publicly listed companies that Tema ETFs LLC (the “Adviser”) determines are “Semicap;” i.e., “Semiconductor Manufacturing Companies.”

The Adviser deems a company to be a “Semiconductor Manufacturing Company” if: (i) at least 50% of its annual revenue is derived from the research, development, manufacture, fabrication, assembly, packaging, testing, distribution, sale, installation, maintenance or servicing of the products, technologies or services further described below; or (ii) it expects to have 50% or more of its annual revenue in the next 18 to 24 months derived from the research, development, manufacture, fabrication, assembly, packaging, testing, distribution, sale, installation, maintenance or servicing of the products, technologies or services further described below, but the company has publicly disclosed that semiconductor manufacturing is a strategic focus of its business.

Examples of such products, technologies or services include, but are not limited to:

Examples of Semiconductor Manufacturing Companies include, but are not limited to:

For purposes of this definition, a company’s revenue is “derived from” (or “related to”) an activity if that revenue is generated by the activity, as reported in or reasonably attributable based on the company’s financial statements and other public disclosures. Requiring that 50% or more of a company’s annual revenue be derived from these semicap-related activities is what establishes that the company is economically tied to the semicap industry.

The Adviser will determine Semiconductor Manufacturing Companies using internal research and analysis based on company disclosure (such as annual reports, regulatory filings, investor presentations, capital markets materials, and earnings transcripts) as well as other publicly available information, including industry publications, scientific literature, sell-side research, and proprietary data sources.

The Fund’s portfolio generally is expected to consist of more than 15 companies but not more than 100 companies. The number of portfolio companies may change depending on various factors including the number of companies available for investment that meet the Fund’s criteria. The Adviser constructs the Fund’s portfolio, by selecting from the eligible universe of Semiconductor Manufacturing Companies those securities the Adviser believes offer the highest conviction and the most attractive risk/reward. The Adviser determines the size of each position based on factors including its degree of conviction, the security’s relative valuation, the security’s liquidity and market capitalization (the Fund generally invests in companies with a market capitalization of at least $100 million and a three-month average daily traded value of at least $500,000), portfolio diversification and risk management, and applicable regulatory and concentration limits.

The Fund may invest in micro-, small-, medium- and large capitalization companies. The Fund generally will invest in companies that have a market capitalization of at least $100 million and there is no upper limit on the market capitalization of a portfolio company. The Fund generally invests in companies that have at least a three-month average daily traded value of at least $500,000.

The Fund also may invest in early-stage, development-phase, or recently public companies that may not yet generate meaningful revenues or profits.

A significant portion of the Fund’s assets are expected to be invested in the United States, Europe, South Korea, Japan and China as well as securities of issuers located in emerging markets. The Adviser considers an ‘emerging market’ to be a country with lower-to-middle income levels that meet specific criteria for market size, liquidity, and accessibility to international investors. As of June 30, 2026, the following countries are deemed to be emerging markets: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic Egypt Greece Hungary Kuwait Poland, Qatar, Saudi Arabia, South Africa, Turkey, UAE, China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan and Thailand.

The Fund may invest in China A-shares (shares of mainland China–incorporated companies listed on the Shanghai and Shenzhen stock exchanges) through the Stock Connect programs.

The Fund may invest, up to 15% of its net assets, in privately placed or restricted securities (including Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting. These investments give rise to the risks described under “Privately Placed and Restricted Securities Risk” below.

The Fund will concentrate (i.e., invest more than 25% of its total assets) its investments in an industry or group of industries comprising the information technology sector.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) which means that it may invest a high percentage of its assets in a limited number of issuers.

The Fund may lend portfolio securities to certain borrowers, provided that the borrowers post collateral at least equal to the current market value of the securities loaned. The Fund receives the value of any interest earned on the collateral as well as the cash or non-cash distributions paid on the loaned securities.

The Fund is actively managed and does not seek to track an index. The Adviser has discretion to select and weight the Fund’s investments in seeking to achieve the Fund’s investment objective.

The Fund relies on the professional judgment of its Adviser to make decisions about the Fund’s portfolio investments.

The basic investment philosophy of the Adviser is to seek to invest in companies within the aforementioned thematic universe that are attractively valued when compared to their fundamentals and growth opportunities. The Adviser’s security selection process for identifying companies within the aforementioned theme uses both “top down” idea generation (sector, theme, company research) and “bottom up” security selection (valuation, fundamental, quantitative, qualitative measures) approaches.

In practice “top down” idea generation means fundamental sector research, quantitative tools (for example screening based on metrics such as five-year historic revenue growth, margins, or returns on invested capital) and the Adviser’s own expertise, are used to narrow down the specific thematic research universe.

Once this is defined “bottom up” security analysis involves the Adviser comparing valuation multiples (such as free cash flow yield, price to book ratio and price to earnings ratio or enterprise value to total invested capital, among others) to fundamental metrics (such as organic revenue growth, margins, returns on invested capital and equity, among others). Investments are deemed attractively valued when compared to fundamentals if the valuation multiples are below and fundamentals are above either (1) peers, (2) the companies own historic averages or (3) prospective forecasts (as determined by the Adviser). Buttressing this is a detailed fundamental research profile of each company assessing business model, competitive edge, management incentives and track record, and balance sheet.

The Fund is an actively managed exchange-traded fund (“ETF”) that under normal circumstances seeks to achieve its investment objective by investing at least 80% of its net assets, which include borrowings for investment purposes, in domestic and foreign, common and preferred stocks and American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) of publicly listed companies that Tema ETFs LLC (the “Adviser”) determines are “Semiconductor Substrates Companies.” Semiconductor substrate companies manufacture the foundational materials used to build and package microchips.

The Adviser deems a company to be an “Semiconductor Substrates Company” if: (i) at least 50% of its annual revenue is derived from the research, development, design, manufacture, production, processing, refinement, distribution, sale, installation, maintenance or servicing of one or more of the products, technologies or services further described below; or (ii) it expects to have 50% or more of their annual revenue in the next 18 to 24 months derived from the research, development, design, manufacture, production, processing, refinement, distribution, sale, installation, maintenance or servicing of one or more of the products, technologies or services further described below, but the company has publicly disclosed that Semiconductor Substrates are a strategic focus of its business.

Examples of such products, technologies or services include, but are not limited to:

For purposes of this definition, a company’s revenue is “derived from” (or “related to”) an activity if that revenue is generated by the activity, as reported in or reasonably attributable based on the company’s financial statements and other public disclosures. Requiring that 50% or more of a company’s annual revenue be derived from these semiconductor substrates-related activities is what establishes that the company is economically tied to the semiconductor substrate industry.

The Adviser will determine Semiconductor Substrates Companies using internal research and analysis based on company disclosure (such as annual reports, regulatory filings, investor presentations, capital markets materials, and earnings transcripts) as well as other publicly available information, including industry publications, scientific literature, sell-side research, and proprietary data sources.

The Fund’s portfolio generally is expected to consist of more than 15 companies but not more than 100 companies. The number of portfolio companies may change depending on various factors including the number of companies available for investment that meet the Fund’s criteria. The Adviser constructs the Fund’s portfolio, by selecting from the eligible universe of Semiconductor Substrates Companies those securities the Adviser believes offer the highest conviction and the most attractive risk/reward based on the analysis described above. The Adviser determines the size of each position based on factors including its degree of conviction, the security’s relative valuation, the security’s liquidity and market capitalization (the Fund generally invests in companies with a market capitalization of at least $100 million and a three-month average daily traded value of at least $500,000), portfolio diversification and risk management, and applicable regulatory and concentration limits.

The Fund may invest in micro-, small-, medium- and large capitalization companies. The Fund generally will invest in companies that have a market capitalization of at least $100 million and there is no upper limit on the market capitalization of a portfolio company. The Fund generally invests in companies that have at least a three-month average daily traded value of at least $500,000.

The Fund also may invest in early-stage, development-phase, or recently public companies that may not yet generate meaningful revenues or profits.

A significant portion of the Fund’s assets are expected to be invested in the United States, Europe, South Korea, Japan and China as well as securities of issuers located in emerging markets. The Adviser considers an ‘emerging market’ to be a country with lower-to-middle income levels that meet specific criteria for market size, liquidity, and accessibility to international investors. As of June 30, 2026, the following countries are deemed to be emerging markets: Brazil, Chile, Colombia, Mexico, Peru, Czech Republic Egypt Greece Hungary Kuwait Poland, Qatar, Saudi Arabia, South Africa, Turkey, UAE, China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan and Thailand.

The Fund may invest in China A-shares (shares of mainland China–incorporated companies listed on the Shanghai and Shenzhen stock exchanges) through the Stock Connect programs.

The Fund may invest, up to 15% of its net assets, in privately placed or restricted securities (including Rule 144A securities, which are privately placed securities purchased by qualified institutional buyers), illiquid securities and securities in which no secondary market is readily available, including those of private companies. Issuers of these securities may not have a class of securities registered, and may not be subject to periodic reporting. These investments give rise to the risks described under “Privately Placed and Restricted Securities Risk” below.

The Fund will concentrate (i.e., invest more than 25% of its total assets) its investments in an industry or group of industries comprising the information technology sector.

The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”) which means that it may invest a high percentage of its assets in a limited number of issuers.

The Fund may lend portfolio securities to certain borrowers, provided that the borrowers post collateral at least equal to the current market value of the securities loaned. The Fund receives the value of any interest earned on the collateral as well as the cash or non-cash distributions paid on the loaned securities.

The Fund is actively managed and does not seek to track an index. The Adviser has discretion to select and weight the Fund’s investments in seeking to achieve the Fund’s investment objective.

The Fund relies on the professional judgment of its Adviser to make decisions about the Fund’s portfolio investments.

The basic investment philosophy of the Adviser is to seek to invest in companies within the aforementioned thematic universe that are attractively valued when compared to their fundamentals and growth opportunities. The Adviser’s security selection process for identifying companies within the aforementioned theme uses both “top down” idea generation (sector, theme, company research) and “bottom up” security selection (valuation, fundamental, quantitative, qualitative measures) approaches.

In practice “top down” idea generation means fundamental sector research, quantitative tools (for example screening based on metrics such as five-year historic revenue growth, margins, or returns on invested capital) and the Adviser’s own expertise, are used to narrow down the specific thematic research universe.

Once this is defined “bottom up” security analysis involves the Adviser comparing valuation multiples (such as free cash flow yield, price to book ratio and price to earnings ratio or enterprise value to total invested capital, among others) to fundamental metrics (such as organic revenue growth, margins, returns on invested capital and equity, among others). Investments are deemed attractively valued when compared to fundamentals if the valuation multiples are below and fundamentals are above either (1) peers, (2) the companies own historic averages or (3) prospective forecasts (as determined by the Adviser). Buttressing this is a detailed fundamental research profile of each company assessing business model, competitive edge, management incentives and track record, and balance sheet.